Solar and wind power energy are on track to hit new records in Pakistan by 2022. The on-growing inflation, peak rise in dollar conversion rates and the prices of crude oil, coal and gas is leading to higher electricity bills.
Expanding to renewable energy can lead to a considerable drop in the electricity bills and savings on a national level. According to a report by World Bank:
Expanding renewable energy can make electricity cheaper, achieve greater energy security, reduce carbon emissions, and help Pakistan save up to $5 billion over the next 20 years.
Pakistan has a tremendous potential for solar power energy and just utilizing 0.071% of the country’s area for solar power plants can solve the electricity-demand for our nation.
The World Bank has provided $100 million of financing to the Sindh Solar Energy Project (SSEP), to support utility-scale solar power, distributed solar on and around public buildings, and provision of solar home systems to households with low or no grid access. Further details here.
The significant cost-savings in terms of reduced demand for heavy oil and coal for power generation is the leading force to encourage renewable energy solutions. Not only it promises savings but also a cleaner solution to the on-going coal and oil power plants leading to a constant increase in carbon emissions of our country.
The World Bank has also committed $425 million of financing to the National Transmission Modernization Project (NTMP), which aims at increasing the capacity and reliability of selected segments of the national transmission system in Pakistan and modernizing key business processes of NTDC. Further details here.
With on-going investments into the sector of power generation, without any doubt solar and wind power have been emerging as pure gold! It is a great time to invest in solar solutions for your residential or commercial space to start benefitting in the long run. Feel free to contact us to get a free quote for the solar solution you’re looking for.